Nickel futures fall on muted demand

New Delhi, Jan 16 (PTI) Nickel futures on Thursday declined by Rs 2.50 to Rs 1,047 per kg due to reduction of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for January delivery fell by Rs 2.50, or 0.24 per cent, to Rs 1,047 per kg with a business turnover of 2,064 lots.

Similarly, nickel contracts for February delivery dropped by Rs 3.50, or 0.33 per cent, to Rs 1,046 per kg in 62 lots.

Analysts said subdued demand in spot market mainly led to the fall in nickel futures prices here. PTI SHW RVK